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Topic Originator: Playup_Pompey
Date: Tue 15 Apr 16:38
https://dumbartonfootballclub.com/an-update-from-the-joint-administrators/
The Joint Administrators of Dumbarton Football Club Limited can confirm that they have
agreed Heads of Terms with Gareth Phillips on a proposal that would see the Club exit
Administration solvently and with all creditors paid in full.
Fans will be aware that the Administrators have been engaged in litigation against
Pendragon Group Limited of which Mr. Phillips is the principal.
The full terms of the proposal are subject to confidential negotiations, however as part of the
proposal, the litigation with Pendragon would be concluded on the basis Pendragon would
not hold security over the Club’s assets.
Mr. Phillips would introduce sufficient funding to stabilise the trading of the Club going
forward and the Administrators are required to be satisfied that there is security for cash flow
and a business plan to provide support for the Club for the next 3 seasons.
A non-refundable deposit has been received by the Administrators which will cover any short
term trading shortfall whilst the transaction is being negotiated, until the target completion
date in early May.
The Administrators will now work with Mr Phillips and his team to conclude this proposal to
allow planning for next season to commence.
 [/i https://dumbartonfootballclub.com/an-update-from-the-joint-administrators/
The Joint Administrators of Dumbarton Football Club Limited can confirm that they have
agreed Heads of Terms with Gareth Phillips on a proposal that would see the Club exit
Administration solvently and with all creditors paid in full.
Fans will be aware that the Administrators have been engaged in litigation against
Pendragon Group Limited of which Mr. Phillips is the principal.
The full terms of the proposal are subject to confidential negotiations, however as part of the
proposal, the litigation with Pendragon would be concluded on the basis Pendragon would
not hold security over the Club’s assets.
Mr. Phillips would introduce sufficient funding to stabilise the trading of the Club going
forward and the Administrators are required to be satisfied that there is security for cash flow
and a business plan to provide support for the Club for the next 3 seasons.
A non-refundable deposit has been received by the Administrators which will cover any short
term trading shortfall whilst the transaction is being negotiated, until the target completion
date in early May.
The Administrators will now work with Mr Phillips and his team to conclude this proposal to
allow planning for next season to commence.
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Topic Originator: Ahoy!Ahoy!
Date: Tue 15 Apr 16:47
Brilliant news.
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Topic Originator: Dave_1885
Date: Tue 15 Apr 20:16
Great to see another two clubs fight off administration and get out of it! Many clubs have done so, unlike a certain one who’s fans walked away……..
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